China Energy delays 2022 bonds restructuring proposal to Dec. 1

By William Gullotti

Buffalo, N.Y., Nov. 3 – China Energy Reserve and Chemicals Group Overseas Co. Ltd. and China Energy Reserve and Chemicals Group Co. Ltd. again pushed back the date for the revised restructuring proposal regarding their HK$2 billion 6.3% guaranteed bonds due 2022, according to an announcement released Wednesday.

As previously reported, the companies received an acceleration notice for the 2022 bonds, and on Jan. 24 the trustee commenced legal proceedings in the Court of First Instance of the High Court of Hong Kong Special Administrative Region.

The company announced Aug. 3 that a further revised restructuring proposal would be released Aug. 31. Similar announcements were made on Sept. 3 pushing the revised proposal due date to Sept. 30 and on Sept. 30 with an expected presentation date of Nov. 1.

The company now expects to present the revised restructuring proposal to bondholders on or around Dec. 1.

All interest and principal payments on the outstanding bonds continue to be suspended pending further notice.

Trading remains suspended on the bonds as it has since May 28, 2018.

The company provides energy development services and is based in Beijing.

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